Royal Dutch Shell India unit to invest $1 bn for LNG terminal
- Trouble mounts for Sreesanth as Mumbai cops gather more evidence
- SIT to seek Supreme Court guidance on Maya Kodnani death penalty issue
- Tamil Nadu police bans Yasin Malik-linked pro-Eelam public meeting
- Kings XI Punjab end IPL 2013 campaign with a win
- Narendra Modi: India losing sheen as agricultural nation
Anglo-Dutch oil giant Royal Dutch Shell's India unit plans to invest USD 1 billion in building a floating liquid gas (LNG) terminal off Andhra coast by 2014 as it bets big on gas retailing in the energy deficit country.
Shell, which currently has a 3.6 million tonnes liquefied natural gas (LNG) import facility at Hazira in Gujarat, is building the floating LNG terminal off Kakinada in joint venture with Anil Ambani Group firm Reliance Power.
"By end of the quarter, we will be able to import 5 million tonnes at Hazira," Shell India head Yasmine Hilton said.
The plan is to double capacity to 10 million tonnes in 3-4 years while the Kakinada terminal can also be doubled in near future.
Shell sees huge potential for gas imports as demand grows in the energy deficit country.
The company is seeing "material" interest in the upstream oil and gas exploration and production and continues to evaluate opportunities, she said adding Shell would have a have material presence in the sector in next five years.
For downstream fuel retailing, it pitched for a level playing field before it can expand its network of 70-odd petrol station.
"We must have a level playing field - market pricing and no subsidies. Subsidies are non competitive. As MNC, I don't get any subsidies so it is non-level playing field," she said adding level playing field will sharpen performance and give consumers a choice.
"Competition is not a dirty word," she said. "Let's have a robust investor friendly framework."
Shell-Reliance Power's Kakinada port is the same for which state-owned gas utility GAIL India had roped in French utility GDF Suez and signed pact with Andhra Pradesh government for a 3.5 million tonnes floating LNG receipt facility.
- Quake-hit and shaken, Bhaderwah spends nights in the open
- UP blast accused dies on way to jail, govt wanted to drop case against him
- Former civil aviation secy changes mind, seeks airport security exemption as EC
- BCCI suspects Gujarat players in other teams were also approached
- Police on money trail, Sreesanth in fresh trouble
- Chhattisgarh 'encounter' leaves 8 villagers dead, no Maoist link yet